Institutional investors have dumped a huge volume of BTC in the past week following a series of FUD in the crypto markets. Reports indicate that a total of $98 million worth of Bitcoin belonging to large institutions were sold off.
Ethereum on the other hand has been considered to be a go-to alternative for Bitcoin as the investment volume for the priced asset increased over the past week.
The past week recorded that largest amount in dollars of Bitcoin sold off by the big guys. This huge sell-off was largely as a result of the recent twitter saga between Elon Musk and the Twitter community.
The billionaire went on to announce that Tesla will no longer accept Bitcoin due to the negative effects of Bitcoin mining to the ecosystem.
A report from Coinshares indicates that the total of $98 million worth of BTC that exited the market was just about 0.2% of the AUM of Bitcoin investment products.
Ethereum on the other hand was being accumulated by large institutions in the midst of the chaos. For the first time ever, Ether products outpaced Bitcoin products in terms of investment volume for institutions.
Institutional interest in Ether is further proof of the declining dominance of Bitcoin in the past few months. At the moment, Bitcoin can only boast of a 40 percent crypto market dominance, its lowest in the last three years.
Newbies in the Crypto Space Also Sell-Off
Large institutions are not the only ones selling-off the highly priced asset. Statistics from Glassnode reveals that many newbies have also sold their BTC in panic. This combined sell-off has led to the price of BTC falling as low as $42000, to its lowest price in the past 20 weeks.
BTC’s adjusted Spent Output Profit Ratio (aSOPR) recently dropped below 1.0 following the decline in price of the asset. This reveals that aggregate losses have been realized among holders of the asset, most of it being short-term holders. Additionally, over one million traded were liquidated, thereby reducing the total number of wallets containing more than zero BTC by 2.8 percent.
The total percentage of BTC owned by short-term holders recently hit 28 percent of the total supply, a peak for the holders. This may imply that the Bull Run has reached its peak as it happened in 2017.